RippleNet Grows to More Than 100 Financial Institutions

Oct 10, 2017 | Kelly Johnson

Image: Shutterstock

Ripple is having an incredible year. The buzz around blockchain and digital assets has led many financial institutions and payments providers to scrutinize the market and separate the wheat from the chaff. And in many cases, it’s clear that Ripple’s enterprise blockchain network — RippleNet — is the definitive choice to usher global payments into the modern era.

The newest members can count themselves among SBI Remit, SEB and Siam Commercial who also use RippleNet to send cross-border payments.

Now, more than 100 financial institutions — across banks, payments providers and more — use the power of Ripple’s blockchain technology to provide a global payments experience that delivers instant, certain, low-cost global payments to their customers.

Powering Instant Payments to Some of the Largest Remittance Corridors

Using RippleNet has afforded these members the opportunity to expand into growing remittance markets.

“Using RippleNet to power our real-time payments has been a boon for us and our customers’ ability to send cross-border payments.” Daumantas Dvilinskas, CEO and Co-Founder, TransferGo

“xVia allows us to tap into RippleNet to send make international cross border payments instantly on behalf of our international corporate clients seamlessly and efficiently bringing much needed benefit to their working capital cycle.” Khalid Talukder, Chief Revenue Officer at IFX

“Joining RippleNet allows us to connect to other member banks, extending our remittance footprint. This will help us scale our business and provide customers a first-class digital payments experience.” Peter England, CEO at RAKBANK

“As one of the top 10 FX houses in Brazil, it is vital for us to use RippleNet to quickly and seamlessly connect our banks to other member banks in Asia and Europe — giving us the ability to send fast, low-cost payments.” Luiz Henrique Didier, Chairman at Bexs Banco

In a precedent-setting moment, Cuallix became the first worldwide institution to use xRapid — Ripple’s solution that utilizes XRP as a liquidity tool — to reduce the cost of sending cross-border payments from the U.S. to Mexico.

Cuallix moved to the forefront of digital payments by using digital assets to remove the inefficiencies and red tape associated with processing and sourcing liquidity.

“Our business — and our customer’s livelihood — depends on our ability to send micro-payments easily and quickly to Mexico. With xRapid, we can source liquidity through XRP and complete the cross-border payments in seconds.” Cuallix

Commercial Payments Get Easier with RippleNet

RippleNet allows for members to easily connect with other network-enabled banks to widen their footprint in other countries, as well as quickly send commercial payments. See what RippleNet members have to say about using the network to streamline global settlements.

“Ripple’s solution allows our customers to send real-time transfers between their SEB accounts in Sweden and New York. We plan to expand the solution to all geographies and time zones in which we operate.” Paula da Silva, Head of Transaction Services at SEB

For more information about joining RippleNet, please contact us. The Ripple team will also be available to meet at Swell — the first-ever blockchain program for financial institutions — in Toronto next week. Please request an invite to schedule a meeting.